Core Viewpoint - The Hong Kong stock market has shown strong performance, with the Hang Seng Index surpassing 27,000 points, marking a three-and-a-half-year high, driven by several key factors including improved overseas liquidity and stable earnings expectations for tech stocks [1] Group 1: Market Performance - The Hang Seng Index has achieved a significant increase, ranking among the top global stock markets [1] - In September, southbound capital inflow into Hong Kong stocks reached 105.2 billion, with 30 billion and 16.8 billion flowing into tech and internet sectors via ETFs respectively [1] Group 2: Technology Indices Overview - Major Hong Kong tech indices include the Hang Seng Tech Index, Hang Seng Internet Tech Index, and Hong Kong Stock Connect Tech Index, all of which have seen growing fund sizes [2] - The Hang Seng Tech Index fund size grew from 8.587 billion in 2020 to 278.536 billion in 2025, while the Hong Kong Stock Connect Tech Index reached 43.270 billion since its inception in 2022 [2] Group 3: Stock Selection and Industry Distribution - The Hang Seng Tech and Hang Seng Internet Tech Indices can invest in all tech companies in the Hong Kong market, providing diversification, while the Hong Kong Stock Connect Tech Index is limited to designated stocks [3] - The Hang Seng Tech Index covers a wide range of industries, focusing on the AI supply chain, semiconductors, and new energy vehicles, while the Hong Kong Stock Connect Tech Index emphasizes consumer electronics and e-commerce [4] Group 4: Heavyweight Holdings and Market Style - The Hang Seng Tech Index has a balanced weight distribution across various tech sectors, while the Hong Kong Stock Connect Tech Index is concentrated in leading companies like Tencent and Xiaomi [5] - The Hang Seng Tech Index primarily consists of large-cap companies with market caps over 100 billion, whereas the Hang Seng Internet Tech Index leans towards mid and small-cap stocks [6] Group 5: Investment Opportunities - The current market environment presents a favorable window for investing in the Hong Kong tech sector, supported by improved expectations, low valuations, and capital inflows [8] - The three major indices have a price-to-earnings ratio around 20, below the 50th percentile of the past decade, indicating a valuation advantage compared to global tech indices [9]

中泰证券指出，港股市场有望继续受益于 AI 商业化进程加速和南向资金的持续流入，当前港股估值修 复迹象明显。AI 科技和新消费板块具备较大的成长空间，南向资金对港股的边际定价能力增强，尤其 是在低利率环境下，将吸引更多资金配置港股。中长期来看，港股的估值优势和产业转型升级趋势仍值 得期待，科技与消费板块有望在政策和资金双重加持下持续上涨。近期港股板块整体表现较好，IT 板 块涨幅较大，市场情绪持续升温带动港股上涨，美联储降息预期升温也带动了港股市场风险偏好回升。 港股科技ETF（513020）跟踪的是港股通科技指数（931573），该指数从港股通范围内选取涉及TMT （技术、媒体和电信）及汽车行业的科技龙头上市公司证券作为指数样本，重点关注具有较高市值、研 发投入较大且营收增长较快的企业。成分股主要覆盖电子、互联网等科技创新领域，以反映港股通范围 内科技行业上市公司证券的整体表现。 没有股票账户的投资者可关注国泰中证港股通科技ETF发起联接A（015739），国泰中证港股通科技 ETF发起联接C（015740）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来 ...

Core Viewpoint - The Hong Kong stock market is experiencing overall liquidity easing, with increased passive foreign capital inflow, supporting the technology sector's fundamentals and long-term narratives related to AI [1] Group 1: Market Overview - The Hong Kong stock market is characterized by overall loose liquidity, which is expected to support the technology sector [1] - There is a notable increase in passive foreign capital inflow into the market [1] Group 2: Sector Insights - The internet sector, particularly those with strong fundamentals and long-term AI narratives, is viewed positively for investment [1] - The gaming industry presents opportunities for investment after recent pullbacks, with limited actual impact from tax deductions on advertising expenses for listed companies [1] - The media sector is highlighted for its AI applications and cultural confidence stemming from content output, with optimism surrounding the explosion of China's open-source large models and the reshaping of public cloud value [1] - The film industry is expected to see an upward trend driven by key single releases, with rapid advancements in AI short dramas [1] Group 3: ETF and Index Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in software, hardware, and IT services to reflect the performance of high-growth and innovative tech firms in the Hong Kong market [1] - The index has strict selection criteria focusing on quality technology sector targets, aiming to capture long-term development trends in this field [1]

文 | 银行螺丝钉 （转载请注明出处） 银行、红利等价值风格整体上涨。 科创板等成长风格微跌。 港股波动不大，港股科技股微涨。 今年港股比较火。 也有朋友问港股的指数体系，港股有哪些指数基金可以投资？ 港股跟A股指数体系类似，也是宽基、策略、行业、主题这样的分类。 只不过港股因为本土基金市场比较小，每一类的指数基金数量、规模，比A股少很多。 1. 港股宽基指数 今天大盘略微上涨，截止到收盘，还在5星。 沪深300等大盘股微跌。 小盘股微涨。 代表是恒生指数、H股指数、港股中小。 （1）恒生指数 港股的代表指数，代表港股的大盘股。 （2）H股指数 全称是恒生中国企业指数，简称H股指数或者国企指数。 其实是中国企业的意思。 早期这两个指数有差异。但现在恒生指数中内地公司占比越来越高，这两个指数也比较相似了。 （3）香港中小 恒生和H股指数都是大盘股为主。 香港中小则是大中盘股为主。市值规模小一些。 香港中小也是2018-2019年那轮熊市咱们定投比较多的指数，后来到了高估完成止盈，收益也不错。 咱们估值表里也已经考虑了分红税的因素了。 现在也有一些定期分红的港股红利类品种。 例如沪港深红利成长低波动、恒生红利低波 ...